Connect with us

Cannabis

WV OMC announces successful applicants for medical cannabis dispensaries in the state

CHARLESTON, W.Va. – The West Virginia DHHR, Bureau for Public Health, Office of Medical Cannabis (OMC) has announced the successful applicants for medical cannabis dispensary permits in the state. A release from the DHHR stated that the recipients of these permits will be allowed to operate retail locations within West Virginia for certified patients. Among […]

Published

on

by:

Posted: Jan 29, 2021 / 03:23 PM EST / Updated: Jan 29, 2021 / 03:23 PM EST

FILE – In this Aug. 15, 2019 file photo, marijuana grows at an indoor cannabis farm in Gardena, Calif. On Monday, Nov. 23, 2020, cannabis stocks are flying high this month after voters in four states passed measures clearing the way for sales of marijuana to adults. That alone is projected to boost the market for legal cannabis sales in the U.S. by 20%. (AP Photo/Richard Vogel, File)

CHARLESTON, W.Va. – The West Virginia DHHR, Bureau for Public Health, Office of Medical Cannabis (OMC) has announced the successful applicants for medical cannabis dispensary permits in the state.

A release from the DHHR stated that the recipients of these permits will be allowed to operate retail locations within West Virginia for certified patients.

Among the list of permitted medical cannabis dispensaries are locations in several local counties such as Marion, Monongalia, Harrison, Randolph, Upshur, Lewis and Preston counties. The full list of dispensary permit holders can be found here.

Additionally, the OMC announced that eligible West Virginia residents with serious medical conditions can register online to receive medical cannabis beginning at noon on Wednesday, February 3. The release stated that registration does not mean that medical cannabis products can immediately be obtained. The industry is working to build out facilities in West Virginia and the patient card is valid only in West Virginia and offers no legal protections for products obtained outside the West Virginia medical cannabis system. All patients must register online as there is no paper option, according to the release.

The list of physicians registered to certify patients with a serious medical condition as eligible for the use of medical cannabis can be found here.

“Even during this pandemic, the Office of Medical Cannabis has been working hard to advance the program and to achieve these steps to ensure that medical cannabis is made available to West Virginia residents with serious medical conditions,” said Jason Frame, Director of the OMC.

The West Virginia Medical Cannabis Act permits West Virginia residents with serious medical conditions to procure medical cannabis for certified medical use in the following forms: Pill; oil; topical forms including gels, creams or ointments; a form medically appropriate for administration by vaporization or nebulization, dry leaf or plant form; tincture; liquid; or dermal patch.

Source: https://www.wboy.com/news/west-virginia/wv-omc-announces-successful-applicants-for-medical-cannabis-dispensaries-in-the-state/

Cannabis

Khiron Life Sciences Reveals 47% QoQ Spike In Medical Revenue, Q2 2021 Cannabis Revenue Increases 68% YoY

Vertically integrated cannabis company Khiron Life Sciences Corp. (TSXV:

Published

on

Vertically integrated cannabis company Khiron Life Sciences Corp. (TSXV:KHRN) (OTCQX:KHRNF) announced its latest financial results Monday, revealing a 68% year-over-year jump in revenue to CA$2.8 million (CA$2.18 million) in the second quarter of 2021. Shares traded up 1.96% at $ 0.2499 per share in Friday’s after-hours session.

The uptick in revenue during the quarter ended June 30 can be mainly attributed to normalized clinic operations and the growth of medical cannabis sales in Colombia, Germany, the UK

and Peru contributing to the gross medical cannabis profit margin of 88%.

Q2 2021 Financial Highlights

  • Health Services revenues declined 13%, while medical cannabis revenues hit $825,500, up 47% sequentially.
  • Medical cannabis products contributed 29% of total revenues and 70% of gross profits.
  • European medical cannabis sales growth of 280% sequentially representing over 25% of total medical cannabis revenues.
  • Gross profit, before fair value adjustments, totaled roughly CA$1.05 million, up from 319 000 from the prior year’s period.
  • General and administrative costs were CA$4.43 million, down from $4.53 million in the same quarter of 2020 and from CA$5.6 million in the prior period.
  • Net loss totaled approximately CA$4.8 million, representing an improvement from a CA$5.71 million loss in the second quarter of last year and a CA$5.5 million loss in the previous quarter.
  • Adjusted EBITDA came in negative at CA$3.85 million, versus a CA$4.02 million loss in the first quarter of fiscal 2021.
  • As of June 30, the company had CA$9.4 million in cash and a proforma cash balance of CA$20.6 million.

“With revenues increasing across all markets, our medical cannabis segment contributed 29% of revenues and 70% of gross profits, showcasing how our medical cannabis business can fundamentally shift margin profiles as revenues increase,” Alvaro Torres, Khiron’s CEO and director commented. “In Q2 and subsequently, we achieved a number of very significant milestones.”

More news from Khiron Life Sciences:

Cannabis Co. Khiron: Shares Plunge On Heels Of $12.4M Offering Of Company’s Units

Khiron Cannabis Co To Debut South Of The Border, Obtains High-THC Extract Export Quotas For Mexico

Khiron Sets A Milestone As First Colombian Medical Cannabis Company To Export To Europe

Khiron Life Sciences Confirms First Cannabis Shipment From Colombia To Europe

Photo: Courtesy of Kimzy Nanney on Unsplash

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Health Services revenues declined 13%, while medical cannabis revenues hit $825,500, up 47% sequentially.
  • Source: https://www.benzinga.com/markets/cannabis/21/08/22614645/khiron-life-sciences-reveals-47-qoq-spike-in-medical-revenue-q2-2021-cannabis-revenue-increases-

    Continue Reading

    Cannabis

    Cannabis News Today – August 20, 2021 – Caribbean and Latin America Daily News – News Americas

    Wu-Tang rap legend Method Man is bringing his cannabis brand to New York. (Photo by Johnny Nunez/WireImage) News Americas, NEW YORK, NY, Fri. Aug. 20,

    Published

    on

    Wu-Tang rap legend Method Man is bringing his cannabis brand to New York. (Photo by Johnny Nunez/WireImage)

    News Americas, NEW YORK, NY, Fri. Aug. 20, 2021: Here are the cannabis headlines making marijuana news globally and in the Caribbean and Latin America for today, Aug. 20, 2021 in 60 seconds:

    Wu-Tang rap legend Method Man is bringing his cannabis brand to New York. TICAL — coined after the title of his first solo album, stands for Taking into Consideration All Lives and will be available for purchase as part of New York’s legalized adult-use market.

    Celebrity blogger and media personality Perez Hilton and leading hemp-based CBD researchers have forged a business partnership in support of My True 10, a CBD Gummies line available at mytrue10.com.

    Akerna has secured an exclusive partnership with the Medicinal Cannabis Authority (MCA) in Saint Vincent and the Grenadines to provide the MCA with a specially developed customer relationship management tool designed to strengthen the medicinal cannabis industry while simultaneously adhering to regulatory needs and creating a user-friendly experience.

    New Jersey Regulators Have Finally Approved Rules For Adult-Use Marijuana Market Nearly One Year After Legalization Vote.

    Swedish pop star Tove Lo has partnered with Cann to launch

    Read More

    Source: https://fldispensaries.com/cannabis-news-today-august-20-2021-caribbean-and-latin-america-daily-news-news-americas/

    Continue Reading

    Cannabis

    Takeaways from Our Conversation about Cannabis Product Liability Suits Worth Watching

    If you ask just about any insurance pro or risk manager to list the top exposures for a company, being sued is likely to be right up there. And if you

    Published

    on

    If you ask just about any insurance pro or risk manager to list the top exposures for a company, being sued is likely to be right up there. And if you boiled that down into another list, among the greatest risks from lawsuits for cannabis business, would be product liability and defective coverage lawsuits.

    In our latest podcast, we spoke with two top insurance attorneys on opposing sides – one who represents businesses and one who represents carriers – to discuss defective coverage lawsuits.

    Following are brief takeaways from that conversation.

    Michael Sampson

    “There are plaintiff’s attorneys out there that are actively trolling for cases involving injuries allegedly caused by cannabis,” said Michael Sampson, a partner with Leech Tishman and a member of the firm’s Litigation Practice Group. “We are seeing cases start to get filed. We have seen a number of vape related injury cases filed. But it’s still early and we have not yet seen a lot of reported decisions out of the courts, giving us any sense of how the courts are going to react to these product liability lawsuits, let alone to the coverage actions.”

    Sampson also leads the firm’s insurance coverage group, and co-leads the cannabis industry group.

    He said we’re not seeing many product liability or other cannabis claims as many had anticipated to this point in the evolution of the legal marijuana industry, but we are seeing more and more product recalls.

    Jodi Green

    “And those are the type of events that could give rise to a claim. And so we’ve seen recalls for bad testing data. We’ve seen fail compliance recalls. We’ve seen recalls that relate to contamination to pesticides,” Sampson said. “And so, one, those types of recalls are instructive in and of themselves and may have implications for insurance coverage. But two, they also give you the sense of the types of events that could lead to a third-party claim against a cannabis business in addition to, as Judy said, exploding vape pens and the like.”

    Appearing opposite Sampson was Jodi Green, a partner in Nicolaides, Fink, Thorpe, Michaelides, Sullivan LLP. She represents and counsels insurance companies and speaks regularly on cannabis and legal matters.

    The pair of lawyers talked about cases like Leon Steele v. Passion Care, which claims that “KushyPunch Hybrid, Tropical Punch” gummies took Bre’Aun Steele’s life after she ingested them and experienced acute severe symptoms. And United Specialty Insurance Company v. Gaia’s Garden. That involves an insurance coverage dispute over marijuana edibles.

    The Gaia’s Garden case “sent shock waves through the industry,” Green said. The Colorado case involved man ingested a high THC dose of edibles and then killing his wife.

    Green also talked about a number of exploding vape battery cases that have been filed. In one, Evanston Insurance Co. v. C9SS Inc., Evanston Insurance Co. argued it had no duty to defend or indemnify a North Carolina vape store against a personal injury suit brought by a woman who says the shop sold her defective batteries that exploded in her lap. Green handled that case, and she won.

    She said the case falls in a line of case law now that is developing involving exploding vape batteries.

    “Many of them are in the tobacco area, but we’ve seen a couple of them in the cannabis space as well,” she said.

    In Evanston, the insurance policy that was sold to the retail store had a wholesale products completed operations exclusion.

    “It was a CGL policy and it just simply didn’t provide products coverage,” Green said, adding that in the cannabis space, many CGL policies expressly exclude this coverage.

    “And so companies need to go out and purchase separate products, liability coverage,” Green said. “Unfortunately, it’s very expensive, the premiums are high, but it’s also 100% worth getting. Because this is the type of case that can end your business. If a person is seriously injured by a product you sell, and unfortunately everyone in the supply chain can be sued, even if you didn’t know anything about the product being defective.”

    Related:

    Topics Lawsuits Cannabis

    “There are plaintiff’s attorneys out there that are actively trolling for cases involving injuries allegedly caused by cannabis,” said Michael Sampson, a partner with Leech Tishman and a member of the firm’s Litigation Practice Group. “We are seeing cases start to get filed. We have seen a number of vape related injury cases filed. But it’s still early and we have not yet seen a lot of reported decisions out of the courts, giving us any sense of how the courts are going to react to these product liability lawsuits, let alone to the coverage actions.”

    Source: https://www.insurancejournal.com/news/west/2021/08/16/627219.htm

    Continue Reading

    Trending